Templeton Vietnam and Southeast Asia Fund, Inc. - TVF - and Templeton Developing Markets Trust Announce Completion of Reorganization

FORT LAUDERDALE, Fla.--BUSINESS WIRE--Sept. 27, 2002--Templeton Vietnam and Southeast Asia Fund, Inc. NYSE:TVF - News; the "Fund" a closed-end management investment company, today announced the completion of its reorganization into Templeton Developing Markets Trust "Developing Markets Trust", a registered open-end management investment company. In accordance with the Agreement and Plan of Acquisition between the Fund and Developing Markets Trust, Developing Markets Trust acquired substantially all of the assets of the Fund in exchange solely for shares of Developing Markets Trust-Advisor Class to be distributed to the Fund’s shareholders.

The transaction, which is a tax-free reorganization, was effective as of the close of business on September 26, 2002. Trading of the Fund’s shares on the NYSE was suspended after the close of business on September 26, 2002. The Fund’s shareholders are entitled to receive shares of Developing Markets Trust-Advisor Class having the same aggregate net asset value as their shares of the Fund held on September 26, 2002. The exchange of shares was based on each fund’s relative net asset value per share as of the close of business on September 26, 2002. For six months following the reorganization, former Fund shareholders that redeem their Advisor Class shares of Developing Markets Trust received in the reorganization will pay a 2% redemption fee. Questions regarding the exchange of shares in connection with the reorganization should be directed to Mellon Investor Services, LLC, the Exchange Agent, toll-free at 1-800-777-3674.

Templeton Asset Management Ltd., the investment adviser for the Fund and Developing Markets Trust, is an indirect wholly owned subsidiary of Franklin Resources, Inc. NYSE:BEN - News, a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $259 billion in assets under management as of August 31, 2002. For more information, please call 1-800/DIAL BEN® 1-800-342-5236.
Contact:

     Franklin Templeton, San Mateo, Calif.

     Lisa Gallegos, 650/312-3395

     or

     Franklin Templeton Investments, 800/342-5236

Source: Franklin Templeton